The Elusive 2-Bedroom Under $250,000 in East Lakeview: 636 W. Waveland
I get asked a lot to chatter about 2-bedroom condo units that are “affordable” in trendy neighborhoods like East Lakeview.
A 1000-square foot vintage 2-bedroom just came on the market at 636 W. Waveland price at $250,000.
Is this a steal at this location?
The corner unit has a wood burning fireplace, an in-unit washer/dryer and parking is available for only $15,000 extra. It has no central air- but has window units.
Brian Grossman at @Properties has the listing. See the pictures here.
Unit #2A: 2 bedrooms, 1 bath, 1000 square feet
- Sold in April 1995 for $94,000
- Sold in March 2000 for $182,000
- Sold in February 2001 for $205,000
- Sold in March 2003 for $222,000
- Currently listed for $250,000 (plus $15k for parking)
- Assessment of $430 a month (includes cable, heat and water)
- Taxes of $3353
- Extra storage and bike room
- Bedroom #1: 12×11
- Bedrooms #2: 12×10
A price like this for a 2 bed on Waveland close to the lake is really a surprise, even though this isn’t the greatest 2 bed. It is still a great price for a perfectly decent 2 bed in prime neighborhood.
Or, it SEEMS like a great price. But, who knows? There’s nothing that says that prices couldn’t overcorrect. We now know that real estate is not immune to the wild volatility of other markets, and that the underlying fundamentals- rents, incomes, and supply, are deteriorating, not improving.
There are still developments in Rogers Park that are priced this way-entire buildings standing almost empty with 4 room 2 bed apts priced at @250K, like it’s still 2005 or something. No WONDER we have so many developments in foreclosure up here.
So this is really a one bedroom with a dining roomectomy?
methinks a dining roomectomy – my new favorite term!!!!!!
It would be a lot less annoying if they just included the parking. Given the assessments and taxes I’m thinking more like 240k with parking.
Still they won’t lose money on this–they followed the adage of don’t buy unless you plan to live there a decade. Much less obnoxious than the sellers who bought between 2004 and today and are trying to sell, IMO.
They lived there for over 20 years, and the place shows it! Great views from the apt, but I agree with Bob, 240 with parking is appropriate price.
The closet door feel off when I tried to open it. Very little closet space in either room, wood floors need to be redone. And the kitchen and bathroom need a ton of work.
That area has had at least 4 places for less, and were updated. It also has a high Acc fee compared to any other vintage in the area.
Bought for 222k in ’03
“Bought for 222k in ‘03”
WP: you saying that the current owner bought in ’03, not ’01?
anon (tfo),
thats what redfin says as well:
last sold: $222,000 (04/30/2003)
Here’s what I have for #2A:
7/1992 sold for $74,000 no parking
4/1995 sold for $95,000 no parking
12/1999 acquired parking for $20,000
2/2000 sold $182,000 with parking
2/2001 sold $205,000 with parking
3/2003 sold $222,000 with parking
So it should be going for at or less than the 2000 price. Especially since it is not a real 2br.
I also cast my vote for ‘dining roomectomy’ as my new favorite term.
Also I’m guessing someone old (aaaaand possibly now dead) person lived here.
See the Kennedy sign in the window?
There’s no way this is 1000 square feet unless it has 350 square feet of closets and hallways. Which isn’t very likely.
“There’s no way this is 1000 square feet unless it has 350 square feet of closets and hallways”
They’re counting the storage room and your share of the bike room. Duh.
“Less than the 2000 price” feels a little low. But the 2001 price doesn’t, really, and that’s kinda scary. What would this rent for (with the parking)?
It might have been sold in 03 last but the furniture and pictures were from the 50s. And it was one big hall way when you walked in. It felt real tight.
Thank you all for pointing out that I inadvertantly left off the 2003 sale.
Also- as a side note- I’ve found the redfin “recent sales” info to be inaccurate quite a bit. You should always do your own homework.
dinectomy’s as ive heard them called make financial sense. even tho the unit will have the same square footage it will sell for more. developers have been doing it for years on gut rehabs of course, you just don’t notice it as much when the space is rearranged at the same time and the kitchen is shoved into the open plan living room. dinectomy’s have been a staple in renovations and flips at sandberg village for years, esp on the corner 1beds. at 222 pearson the developer did it to every unit, including upping corner 2beds to three’s
The importance of staging comes into play while viewing this unit… YUCK!!